DURBAN – London Finance & Investment Group (Lonfin) on Tuesday said the value of its investments declined by 28.64 percent or by £3.05 million (R56.84m) in the year to end June, largely due to the fluctuation in share price of Finsbury Food Group.
The group has invested in Finsbury, one of the largest producers and suppliers of premium cakes, bread and morning goods in the UK and currently supplies most of the UK’s major supermarket chains. Lonfin holds 6 million Finsbury shares, representing 4.6 percent of Finsbury’s issued share capital, with a market value of £4.020m at the end of June.
The group said the strategic investments declined to £7.60m, down from £10.65m compared to last year. It said the significant decrease in fair value of strategic investments resulted in the total comprehensive loss of £1.76m for the period compared to a profit of £256 000 reported last year.
Its basic earnings per share came in at 2.9 pence a share, but after adjusting for unrealised changes in the carrying value of investments and net of tax, the group reported a basic loss a share of 2.3p, while headline earnings per share were 0.6p.
Its net asset value a share declined by 9.79 percent to 59p a share, down from last year’s 65.4p a share.